The ripple effect of the abrupt halt to foreclosures is far reaching then we can imagine!
Here's just a partial list of those affected:
•Buyers
•Contractors who were going to repair the home. This alone has a massive effect on employment. Hard working Americans who build America are abruptly out of work, again.
•The entire manufacturing and supply chain of material needed to renovate repurchased foreclosed houses.
•Movers
•Closing attorneys
•Appraisers
•Appliance retailers and wholesalers and manufacturers
•Neighborhoods suffer more blight for an additional extended period of time.
•Owners who moved away and have to maintain the house. Some municipalities file criminal complaints against owners who don’t mow the grass or fix vandalism beyond their control.
•Owners who have to pay insurance on an unwanted home. Without insurance, the homeowner in limbo will be on their own if they’re sued by someone who gets injured on the property.
•This is just a brief and partial list of those who are immediately affected by this abrupt halt. The ripple effect of the foreclosure halt is far reaching.
•Realtors, especially Realtors who rely heavily on listing REO's.
The losses incurred by all those affected will cause more unemployment which will cause more foreclosures.
This foreclosure halt is truly a crisis within a crisis.
Who else have you noticed affected by this abrupt halt?
I welcome your opinions and thoughts.
www.hellovirginiahomes.com
Jamie
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